Lagan (Alsager) Limited Filleted accounts for Companies House (small and micro)

Lagan (Alsager) Limited Filleted accounts for Companies House (small and micro)

LAGAN (ALSAGER) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI062161
Lagan (Alsager) Limited
Filleted Financial Statements
31 March 2019
Lagan (Alsager) Limited
Financial Statements
Year ended 31st March 2019
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3 to 5
Lagan (Alsager) Limited
Officers and Professional Advisers
The board of directors
S Bell
SG McCann
KA Lagan
Registered office
Lagan House
19 Clarendon Road
Belfast
BT1 3BG
Auditor
BMK Accounting Limited
Chartered Accountants & statutory auditor
43 Lockview Road
Stranmillis
Belfast
BT9 5FJ
Lagan (Alsager) Limited
Statement of Financial Position
31 March 2019
2019
2018
Note
£
£
£
Current assets
Stocks
1,499,210
19,460,631
Debtors
5
8,749
9,820,628
Cash at bank and in hand
301,358
374,182
------------
-------------
1,809,317
29,655,441
Creditors: amounts falling due within one year
6
148,203
31,014,414
------------
-------------
Net current assets/(liabilities)
1,661,114
( 1,358,973)
------------
------------
Total assets less current liabilities
1,661,114
( 1,358,973)
------------
------------
Net assets/(liabilities)
1,661,114
( 1,358,973)
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
1,661,112
( 1,358,975)
------------
------------
Shareholders funds/(deficit)
1,661,114
( 1,358,973)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 26 September 2019 , and are signed on behalf of the board by:
S BELL Director
Company registration number: NI062161
Lagan (Alsager) Limited
Notes to the Financial Statements
Year ended 31st March 2019
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Lagan House, 19 Clarendon Road, Belfast, BT1 3BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has prepared its financial statements for the year ended 31st March 2019 on the going concern basis. This assumes that the company will continue in operational existence for the foreseeable future having adequate resources to meet its obligations when they fall due.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
Judgements and key sources of estimation uncertainty
No significant judgements have had to be made by the directors in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Stocks
Trading properties are carried at the lower of cost and net realisable value. The latter is assessed by the company having regard to recent comparable transactions. At the balance sheet date stock and work in progress consists of undeveloped property which is stated at cost and comprises purchase price plus all associated legal and professional costs.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to Nil (2018: Nil).
5. Debtors
2019
2018
£
£
Trade debtors
–
9,671,024
Other debtors
8,749
149,604
-------
------------
8,749
9,820,628
-------
------------
6. Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
–
24,357,837
Trade creditors
100,000
331,075
Amounts owed to group company
–
999,522
Other creditors
48,203
5,325,980
---------
-------------
148,203
31,014,414
---------
-------------
Northern Bank Limited holds a legal mortgage over the property of the company at Lawton Road, Alsager, Stoke-on-Trent together with guarantees from the ultimate shareholders.
7. Financial instruments at fair value
The company has no financial instruments at fair value.
8. Summary audit opinion
The auditor's report for the year dated 27 September 2019 was unqualified.
The senior statutory auditor was Brian McKee , for and on behalf of BMK Accounting Limited .
9. Related party transactions
The company is a wholly owned subsidiary of Lagan Developments (Holdings) Limited, a company incorporated in Northern Ireland. S Bell and SG McCann are also directors of Lagan Developments (Holdings) Limited. As a wholly owned subsidiary, no transactions with the group company were undertaken such as are required to be disclosed under FRS 102. The shareholders in the parent company have given personal guarantees in favour of Northern Bank Limited.
10. Controlling party
The company is controlled by Lagan Developments (Holdings) Limited which holds 100% of the issued share capital.